ANGI Angi Inc

On October 10, 2022, Angi Inc. (“ANGI” or the “Registrant”) announced that Oisin Hanrahan stepped down from his positions as ANGI’s Chief Executive Officer and as a member of its board of directors, effective immediately.

In connection with his departure from the Registrant (and subject to the execution of a release and his compliance with certain restrictive covenants): (i) Mr. Hanrahan will receive the severance benefits set forth in that certain employment agreement between him and the Registrant, dated as of February 24, 2021 (see Exhibit 10.12 to the Registrant’s annual report on Form 10-K for the fiscal year ended December 31, 2021), (ii) 828,730 ANGI restricted stock units held by Mr. Hanrahan will remain outstanding and vest upon the earlier of April 9, 2024 or a “change in control” of the Registrant (as defined in the Registrant’s omnibus stock and incentive plan), and (iii) Mr. Hanrahan will receive a cash bonus in respect of his 2022 performance in the amount of $1,250,000 (less applicable tax withholdings), which amount shall be paid to him in one lump sum installment by no later than March 15, 2023.

The Registrant also announced that its board of directors appointed Joseph Levin, Chief Executive Officer of IAC Inc. (the Registrant’s parent company (“IAC”)) and Chairman of the ANGI board of directors, to succeed Mr. Hanrahan as ANGI’s Chief Executive Officer, effectively immediately. Mr. Levin will also continue to serve in his role as Chief Executive Officer of IAC. Mr. Hanrahan has agreed to provide certain consulting services through December 31, 2022 in order to facilitate a smooth transition.

Mr. Levin, age 43, has been a director and Chief Executive Officer of IAC since June 2015. Prior to his appointment as Chief Executive Officer of IAC, Mr. Levin served as Chief Executive Officer of IAC Search & Applications, overseeing the desktop software, mobile applications and media properties that comprised IAC’s former Search & Applications segment, from January 2012 to June 2015. From November 2009 to January 2012, Mr. Levin served as Chief Executive Officer of Mindspark Interactive Network, an IAC subsidiary, and previously served in various capacities at IAC in strategic planning, mergers and acquisitions and finance since he joined IAC in 2003. Mr. Levin has served on the boards of directors of ANGI, MGM Resorts International and Vimeo, Inc. since September 2017, August 2020 and May 2021, respectively, and currently serves as Chairman of the boards of directors of ANGI and Vimeo, Inc. Mr. Levin previously served on the boards of directors of LendingTree, Inc. (from August 2008 through November 2014), The Active Network (beginning prior to its 2011 initial public offering through its sale in December 2013), Groupon, Inc. (from March 2017 to July 2019) and Match Group, Inc. (from October 2015 through September 2022). In addition to his for-profit affiliations, Mr. Levin serves on the Undergraduate Executive Board of Wharton School.

Mr. Levin will not receive any compensation directly from the Registrant in connection with his role as ANGI’s Chief Executive Officer.

Lastly, in connection with Mr. Hanrahan’s departure, the Registrant’s board of directors approved a reduction of its size from twelve to eleven directors.